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This Daily comparison chart of the SPLV (which is an ETF containing the top 100 lowest-volatility stocks in the S&P 500 Index) with the SPX shows that they have traded pretty much in tandem since the ETF’s inception.
However, that correlation diverged in mid-May and the SPLV has now made a lower closing swing low on this timeframe. Furthermore, the Momentum indicator has dropped below the zero level signalling potential further weakness ahead. (more…)
Further to my last Weekly Market Update, this week’s update will look at:
I last wrote about Japan’s Nikkei e-mini Futures Index (NDX) on February 8th.
Since then, price rallied a staggering 4850 points to a high of 16020 (reached earlier this week) and promptly dropped 2020 points as of 12:45 pm EST today (Friday), as shown on the Weekly chart below. You can see that this week’s candle is in the midst of forming an enormous outside bar, encompassing the past two weeks. This candle’s low of 14000 has hit a confluence zone of several external Fibonacci retracement levels. (more…)
Today’s action, so far (it’s just after 11:00 am EST), on this Daily SPX:VIX ratio chart is NOT confirming today’s exuberance in the SPX. Furthermore, the Momentum indicator has dropped below the zero level, hinting at further weakness. (more…)
